Bob Carlson: The Essential Guide to Retiring in 2023
“Fun With Annuities” The Annuity Man Podcast
Release Date: 01/17/2023
“Fun With Annuities” The Annuity Man Podcast
In this episode, The Annuity Man discussed: Not everyone needs to be exposed Bonds and market volatility Looking into lifetime income Questions to ask your advisor Key Takeaways: Financial advisors tend to advise their clients to do 60% equity and 40% bond split or that they always have some exposure, but it doesn’t apply to everybody. People who’ve won the game don’t have to keep playing. Bonds aren’t fool-proof; they go down in value if interest rates go up. If you’ve already accumulated enough to live the life you want and...
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In this episode, The Annuity Man discussed: Bonuses are not the true benefits Unethical practices that rush an annuity sale Focus on what really matters Key Takeaways: Upfront bonuses are merely a part of the contract rather than the true benefits they seem to be. Focus instead on the lifetime income guarantee, on the financial stability and predictability an annuity can offer. Agents sometimes tout bonuses rather than clarify the long-term financial implications of the annuity in order to close a deal. It is unethical and in some cases, could even...
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In this episode, The Annuity Man discussed: Annuities are customizable An example of life with cash refund What does it mean to get a joint-life policy Options and choices when getting an annuity Key Takeaways: A life-only contract means that the annuity company is on the hook to pay as long as you’re breathing, but the money goes away when you die. Life with cash refund means that you get paid while you’re alive, with some money going to your beneficiary when you die. A joint life policy means that you and your spouse will...
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In this episode, The Annuity Man discussed: What does it mean to live off the interest? Living off guaranteed interest When interest rates go down If you can’t live off of the interest Key Takeaways: At the time of this taping, some money markets are 4, some CDs at five, and some MYGAs at five and a half. A lot of you out there have enough funds that whatever interests you can take off of those products is sufficient, and you never have to touch the principal. There's no guaranteed return with index annuities, variable annuities, or...
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In this episode, The Annuity Man discussed: What are MYGAs and SPIAs? Annuities are contractual commodities MYGA to SPIA Key Takeaways: A MYGA, Multi-Year Guaranteed Annuity, is the annuity industry's version of a CD. The good news about MYGAs is that the interest rate is locked in and non-callable. This means that when interest rates go down, you’re going to be locked in. Annuities are contractual commodities, meaning that when you're buying them for the contractual guarantees, you can shop all carriers for the highest contractually...
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In this episode, The Annuity Man and Dana Anspach discuss: Juicing your retirement...
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In this episode, The Annuity Man discussed: Annuity solutions to retirement problems The four things that annuities solve for How annuities can give peace of mind, flexibility, and freedom Key Takeaways: Retirement can be a daunting prospect, with the uncertainty of how long your savings will last and the fear of running out of money. However, annuities offer a solution to these concerns by providing contractual guarantees. Annuities can solve for principal protection, ensuring that your initial investment is safe. They also provide income...
info_outlineIn this episode, The Annuity Man and Bob Carlson discuss:
- Changes in 401k and IRA provisions
- Why you should spend time on income taxes
- Generating guaranteed lifetime income
- Be prepared to adapt your plan
Key Takeaways:
- The Secure Act 2.0 gives provisions that are designed to make employer retirement plans more available and to get more employees participating in the plans. The required minimum distribution’s beginning age has also been bumped to 75, and catch-up contributions are being increased for IRAs and 401ks.
- People don’t spend enough time on their income taxes. People shouldn’t forget that not everyone pays lower taxes when they retire, some will be in the same bracket, and Congress avoids tax increases but has added provisions that, in effect, work like stealth taxes.
- Accumulate as big of a balance as possible, then find a way to turn it into cash flow for your retirement phase. Generate guaranteed lifetime income through social security or employer pension, then start looking at putting money into SPIAs or MYGAs to generate that income gap.
- Be prepared for change. Know that your retirement plan is not set in stone; it’s something that you have to review regularly. See where your assumptions are wrong, where you've changed, where the tax law and other things outside your purview have changed, and adapt your plan to that.
"Anticipate change, be prepared for it. Know that your retirement plan is not set in stone. It's not a roadmap; it’s something you have to review regularly. " — Bob Carlson.
Grab a copy of Bob Carlson’s, The Essential Guide To Retiring In the 2020s by clicking on this link: https://www.amazon.com/Retirement-Watch-Essential-Guide-Retiring/dp/1684513332
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Most Recent Book: https://www.amazon.com/Wheres-My-Money-Secrets-Security-ebook/dp/B0853F3R7R
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